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W.W. Grainger (GWW)
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GWW » Topics » Amendment

These excerpts taken from the GWW 10-K filed Feb 27, 2008.
Amendment. The Plan may be amended in whole or in part by the Company at any time by a resolution of the Board of Directors delivered to the Committee; provided, however, that no amendment of the Plan adopted on or after the date of a Change in Control shall (i) adversely affect the eligibility of any Participant to continue to qualify as a Participant or (ii) eliminate, reduce or otherwise adversely affect the amount or terms of benefits payable to or on behalf of any Participant.

Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the action of the Board; provided, however, that: (i) no amendment or modification shall be effective to decrease or restrict the value of a Participant’s vested Annual Account Balance in existence at the time the amendment or modification is made, as of the effective date of the amendment or modification, and (ii) no amendment or modification of this Section 9.2 or Section 10.2 of the Plan shall be effective. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.

Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the action of the Board; provided, however, that: (i) no amendment or modification shall be effective to decrease or restrict the value of a Participant’s vested Annual Account Balance in existence at the time the amendment or modification is made, as of the effective date of the amendment or modification, and (ii) no amendment or modification of this Section 9.2 or Section 10.2 of the Plan shall be effective. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.



EXCERPTS ON THIS PAGE:

10-K (3 sections)
Feb 27, 2008

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